A goal of endovascular MRI-guided interventions is the combination of MRI's diagnostic capabilities (e.g., angiography, morphology, plaque analysis, perfusion imaging and others) with therapeutic interventions such as angioplasty, catherectomy and stent placement. A successful MRI-guided endovascular therapeutic procedure incorporates a subset of the following steps: MR guidance of the interventional device to the target region, high-resolution imaging at the target location in order to diagnose disease within the vessel wall, performance of a therapeutic intervention, and evaluation of the efficacy of therapy. The requirements for successful guidance and high-resolution imaging are generally quite different. To date, intravascular MRI devices have been designed primarily for either active and passive tracking or for high-resolution intravascular imaging. Minimally invasive image-guided therapy requires a quick and robust method for device localization, as well as the ability for tracking and guidance of interventional devices inserted into the body.